All Forum Posts by: Richard Anderson

@Chris Seveney @Evan Polaski 

Thank you for the input! Many of the items you mention we discussed during our conversation. I've known this person for several years now and he has a portfolio of everything from multi-family, condos, office condos, and commercial space. He owns several office condos and it sounded like an interesting investment idea the more we discussed them. One of the things he mentioned was that even though they can throw off decent cash flow, at some point you outgrow them, and then you have to decide if you want to keep them or 1031 them into something else and all that involves. He owns well over 100 doors of various types, so I can see where he's coming from. But from my standpoint, it sounds like a good problem to have - as I sit here with my two properties. ;) 

I was speaking with a much more experienced investor last night at my local REIA and he mentioned one of his strategies is investing in "commercial condos" or small office spaces. He said the return is pretty good percentage wise, and since it is a "condo" he personally doesn't have to worry about repairs. He pays association fees and those go towards common area/building repairs. I'm wondering if anyone else invests in these, and if so, have you found them to be worthwhile?

Thank you!

@Kristi K. A few weeks ago I received a frantic call from a police officer in the town were we have an STR. An arsonist set our guests car on fire in our driveway. Fortunately no one was hurt but it made for an interesting few days.

Yeah, I would of thought there would be a decent discount for BP Pro-members. $33 a month if you pay annually is a bit steep. Especially when you add the BP membership on top!

I recently purchased a property and during the inspection the inspector said the dishwasher drain was hooked up to the garbage disposal. He said it should go into a tailpiece to the sink drain instead. I've looked a few places and people have commented that this isn't an issue. They have also commented, that if there is an issue it will backup into the sink via the disposal, rather than into the dishwasher and all over the floor. 

Anyone have experience with this?

Thank you!

@Account Closed I have no information regarding the Due on Sale Clause. It doesn't have anything to do with what I do for a living. 

I have one remote STR. The biggest challenge in furnishing it was getting the furniture there. We bought a few things where it is located, ordered things through Minoan to be delivered directly, or stacked furniture in my garage, rented a U-Haul and took it down. Unfortunately, Minoan (at least when we used them for this property) doesn't always have the most accurate delivery info from the vendors. I found that out when I had bunk beds delivered to the property and I was not there to receive them. That made for an interesting day! Once that happened, I had the remaining furniture sent to my house and used the U-Haul.

And just to be clear, you can't file until January 1st. Here is the specific FinCEN site. It provides a wealth of information. 

https://www.fincen.gov/boi 

Quote from @Steven Goldman:

The LLC route has just been made more complicated by new legislation requiring the disclosure of all LLC members annually. The Corporate Transparency Act: While its stated purpose is to prevent terrorism and money laundering. It has the effect of making previously undisclosed LLC ownership information accessible to the Internal Revenue Service and other enforcement entities and reduces the anonymity that some LLC members used to enjoy.

The only way LLC members enjoyed undisclosed LLC ownership information previous to the The Corporate Transparency Act is if the LLC did not bank in the United States. Banks have been required to capture Beneficial Ownership info on those who hold more than 25% ownership since 2018. So The Corporate Transparency Act is nothing new. The difference is now the registration will be directly with FinCEN. Those who own less than 25% will not have to be listed. And in the situation where none of the members own 25%, the person who is in control of finances for the LLC will have to provide their information. This is nothing new. 

Hi Scott, I have an STR in Rantoul and know the town pretty well. I live in the Chicago burbs, but more or less grew up there. The building you purchases probably needs extensive work. Most of the old buildings on the base do. There are several commercial ventures taking place in the old buildings. For example, one of the old, massive airplane hangers has been turned into an indoor motocross track the attracts riders from all over the Midwest. I'm happy to touch base with you if you'd like to discuss what's going on there.